Read Millionaire Fastlane
I've Read UNSCRIPTED
- Aug 28, 2014
So if I understand well, you sold a product for some weeks until your price probably dropped?Out of the revenue, around $5-6k profit in the first 5 weeks. Went for a few months and then decreased. I decided to milk it and sell ownership rights to get into something else while also mentoring others. Bare in mind, while I may not know everything, I can tell a lot of things on Amazon in terms of what is a good and bad product. Now I am saving something that requires a little more and has less competition.
Like you said, either products that seem hard to do, technical, certifications etc. All these are barriers of entry. The more they are, the less people are going to get into the market because it "seems complicated" which rules out a lot of people. Those who get through these barriers and is able to sell usually is able to achieve success.
I am not perfect by any means but I do recommend that you don't use product research tools, they suck. Only use the stats extension to get an average x amount of sales, revenue etc. to understand whether this is a market you should get into.
Some ways you can research is first finding the inital first products, even if they're bad. Look at those who do FBA and are selling successful products, if that product is too competitve for your budget, take a look at their seller profile and see what they're selling. A seller will always want to sell good products. Don't look for trendy products, look for those who are already established and proven to have a constant source of income.
And then use the tool to run the numbers and take a look at those with a little less competition. There's more to it, I am not that good at explaining it in a forum post.
You don't have to be a genius to do that, it's what 95% of the sellers are doing:
1/ source and import high selling product on Alibaba, go for the quick buck!
2/ sell for a slightly lower price
3/ PROFITS for a few weeks until your competitors lower their price as well
4/ sell remaining inventory at loss
You're not the Amazon-mentor I would choose.
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